The lenders to Aircel, majority owned by Malaysia’s Maxis, include State Bank of India, China Development Bank, Bank of Baroda & Punjab National Bank.
The high court was hearing a petition filed by the Commissioner of Income Tax on a dispute that had its genesis about a decade ago.
Ericsson insists it should be allowed to close insolvency proceedings against RCom. RCom is resisting the move.
This development comes a week after Reliance Industries’ chairman Mukesh Ambani saved his younger brother, Anil, from imprisonment.
DoT feels airwaves can’t be shared or traded in circles where there has been payment default.
The current procedure of customer verification requires telcos to physically validate their details.
Anil Ambani faced a jail term of three months if the money due to Ericsson hadn't been paid by March 19.
The deadline for RCom to make the payment was March 19, failing which Anil Ambani would have had to serve a jail term of three months.
The last day of payment of Rs 21 crore was March 13, which included a grace period of 10 days.
An irate NCLAT is now asking why action shouldn’t be taken against the lenders group led by SBI.
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